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> I disagree and have argued elsewhere that today’s inflation is caused by commodity market speculation, not wages. And if workers demand higher wages to deal w
by andrewmutz 4y ago
> I disagree and have argued elsewhere that today’s inflation is caused by commodity market speculation, not wages. And if workers demand higher wages to deal with the inflationary impact of higher energy and other commodity prices - that is a consequence, not a cause of commodity price inflation
It should be noted that the author takes a very heterodox view of economics. Expert consensus does not agree with her perspective.
- lapcat 4y ago> It should be noted that the author takes a very heterodox view of economics. Of course. The author has been writing about economics for a long time, for example: https://www.amazon.com/Coming-First-World-Debt-Crisis/dp/0230007848 https://www.amazon.com/Coming-First-World-Debt-Crisis/dp/023... > Expert consensus does not agree with her perspective. The author is an expert, but in any case, the consensus can't exactly take victory lap at this moment in time.
- wrycoder 4y agoNor do I. General inflation is just too much money chasing too few good and services. “Inflation” in specific sectors of the economy is just the overall market adjusting to new conditions. Discussing commodity inflation is useless. For example, if real worker’s wages decline, that indicates that the diminished utility of individual workers has outstripped their productivity increases. In other words, automation is replacing the workers themselves, instead of just assisting them.